Texas' real GDP increased in Q2 of 2021, according to BEA

The Bureau of Economic Analysis (BEA) is reporting that Texas' real gross domestic product (GDP) increased by a measure of 6.4% in the second quarter of this year.  

The increase places the state in the second highest quintile of real GDP growth for the quarter, which shows "the continued economic recovery, reopening of establishments and continued government response related to the COVID-19 pandemic."

The BEA said that the tech sector was a major player in helping the GDP increase.

"In the second quarter, government assistance payments in the form of loans to businesses and grants to state and local governments increased, while social benefits to households, such as the direct economic impact payments, declined,” the organization said in press release. “Professional, scientific and technical services; administrative and support and waste management and remediation services; and information were the leading contributors to the increase in GDP. "

The state contributed 8.6% to the country's GDP in the second quarter of this year with the state’s lower growth rate not a reason to panic as each state economy will be affected differently by the constraints imposed during the pandemic.

The country’s GDP rose 6.7% during the same period with all states, including Washington D.C., seeing growth during the period.